Exploring Trade Opportunities with Jordan: A Business Guide

Jordan is a country located in the West of South Asia and the East of the Middle East. This country is bordered by Syria from the north, Iraq from the east, Saudi Arabia from the southeast, and Israel and Palestine from the west. The capital of Jordan is Amman. The currency of this country is the Jordanian dinar and is known by the code JOD. The official language of Jordan is Arabic and the majority of people in this country are Muslims, the majority are Shia and Sunni. Also, there are minorities such as Christians and other religions in Jordan. Jordan is a country with a relatively diverse economy. The important economic sectors of this country include services, industry, construction, trade and tourism. Jordan also has some limited natural resources such as phosphate. 

The products that Jordanian businessmen import and export to other countries include petroleum products, agricultural products such as food products, industrial products such as iron and steel, textile and clothing products, chemical products, machinery, electronic appliances and other products. Jordan`s trade and foreign trade is done with different countries. Some of Jordan`s major trading partners include the European Union, the United Arab Emirates, Saudi Arabia, the United States, and China. Also, as a member country, Jordan participates in international trade agreements such as the Arab League, the World Trade Organization, and the Persian Gulf Free Trade Association. The most sources of Jordan`s income are provided by trade and services, international aid and tourism. Also, as a relatively small industrial country, Jordan also earns money from some industries such as food, steel, cement, chemicals and electronics. Jordan is known as a commercial and transit center in the region due to its geographical location.

Jordan's economic landscape presents a unique opportunity for international traders, particularly in the context of its trade dynamics within West Asia. In 2023, Jordan's merchandise import value chained indices fell to 94.0, down from 127.0 in 2022, indicating a potential contraction in demand or shifts in trade patterns. This decline contrasts with the global average of 101.094 in the same year, suggesting that Jordanian importers may be facing specific challenges that could open doors for foreign suppliers looking to fill gaps in the market.

On the export side, Jordan's merchandise export value indices also dropped to 98.5 in 2023 from 136.6 in 2022, reflecting a similar trend. However, the country's export unit value indices decreased to 93.5, indicating that while the volume of exports may be stable, the value is under pressure. This scenario presents a dual opportunity for traders: while there may be a decrease in overall trade volume, there could be niches within the market that remain lucrative, especially for high-quality goods or innovative products.

Furthermore, Jordan's official exchange rate has remained stable at 0.71 LCU per USD, which is favorable for international transactions. With a GDP growth forecasted to rise from approximately $883 billion in 2023, Jordan's economy is gradually recovering, making it an attractive destination for B2B marketplace initiatives. Entrepreneurs should consider leveraging Jordan's strategic location and existing trade agreements to enhance their supply chain solutions in the region.